Thursday, October 22, 2020

2020 Melbourne Lord Mayor candidate Wayne Tseng answered some questions about his campaign for the upcoming election from Wikinews. The Lord Mayor election in the Australian city is scheduled to take place this week.

Tseng runs a firm called eTranslate, which helps software developers to make the software available to the users. In the candidate’s questionnaire, Tseng said eTranslate had led to him working with all three tiers of the government. He previously belonged to the Australian Liberal Party, but has left since then, to run for mayorship as an independent candidate.

Tseng is of Chinese descent, having moved to Australia with his parents from Vietnam. Graduated in Brisbane, Tseng received his PhD in Melbourne and has been living in the city, he told Wikinews. Tseng also formed Chinese Precinct Chamber of Commerce, an organisation responsible for many “community bond building initiatives”, the Lord Mayor candidate told Wikinews.

Tseng discussed his plans for leading Melbourne, recovering from COVID-19, and “Democracy 2.0” to ensure concerns of minorities in the city were also heard. Tseng also focused on the importance of the multi-culture aspect and talked about making Melbourne the capital of the aboriginals. Tseng also explained why he thinks Melbourne is poised to be a world city by 2030.

Tseng’s deputy Lord Mayor candidate Gricol Yang is a Commercial Banker and works for ANZ Banking Group.

Currently, Sally Capp is the Lord Mayor of Melbourne, the Victorian capital. Capp was elected as an interim Lord Mayor in mid-2018 after the former Lord Mayor Robert Doyle resigned from his position after sexual assault allegations. Doyle served as the Lord Mayor of Melbourne for almost a decade since 2008.

Friday, April 3, 2009

General Motors (GM) and Chrysler will receive bridge loans from the government of Canada and the provincial government of Ontario, however no more will be forthcoming from either Canadian or US governments unless the companies can reinvent themselves.

“This is a regrettable but necessary step to protect the Canadian economy. We are doing this on the assumption that we obviously cannot afford either in the United States or Canada a catastrophic short-term collapse.” said Stephen Harper, Prime Minister of Canada.

“We cannot, we must not, and we will not let our auto industry simply vanish. This industry is, like no other, an emblem of the American spirit; a once and future symbol of America’s success,” said Barack Obama, President of the United States. “These companies – and this industry – must ultimately stand on their own, not as wards of the state.”File:Sinsheim quer.jpg

Chrysler will receive CA$1 billion and may in fact be eligible for as much as CA$4 billion. If Chrysler succeeds in the next 30 days with a restructuring plan it would be eligible for a US$6 billion loan. A part of Chrysler’s restructuring plan must include a partnership with Fiat within 30 days to appease the US administration. Fiat is a supplier of smaller fuel-efficient vehicles, and the merger will help Chrysler to be viable in the North American market. A Chrysler court bankruptcy would inevitably lead to it being sold off.

As a part of Chrysler’s restructuring plans, Tom LaSorda, the president of Chrysler announced that Canadian operations would fold if it does not receive both the US commitment of $2.3 billion of aid and a new Canadian Auto Workers CAW contract to reduce all-in costs by CA$19 per hour. As a result of this announcement Chrysler’s auto sales volume in Canada dropped 23% compared to March of 2008.

GM has until the end of May to restructure its company to receive up to CA$7.5 billion. As part of the companies restructuring, General Motor’s chief executive Rick Wagoner was replaced Sunday with Fritz Henderson, the current chief operating officer. Henderson spoke out on Tuesday that GM has submitted a restructuring plan which would close five plants, and this may be increased to meet the requirements for financial aid. He is in full compliance with Obama’s auto task force to seek bankruptcy if GM cannot negotiate with their unions, bondholders and others.

GM recently brought forward the “GM Total Confidence” program providing consumer purchase protection for customers who lose their job for economic reasons within the first two years from purchase. As a result of Chrysler’s restructuring announcement in Canada, GM’s Canadian vehicle sales volume fell only 17.3% compared to 2008, an increase from the previous month.

GM must reduce some of its legacy costs which include its pensions and union health care costs. A part of GM’s ailments arose from investing in supplying truck and SUVs during an economy of high gas prices when consumers were demanding fuel efficient vehicles.

Tony Clement, Canada’s Minister of Industry, is hoping that the CAW will support the restructuring process and re-negotiate their agreement. Whereas a United Auto Workers negotiator has said, “I don’t see how the UAW will do anything until they see what the bondholders will give up.”

The Obama administration is looking toward bankruptcy proceedings for the automakers, “as a mechanism to help them restructure quickly and emerge stronger. [It will] quickly clear away old debts that are weighing them down. What we are asking is difficult. It will require hard choices by companies. It will require unions and workers who have already made painful concessions to make even more. It will require creditors to recognise that they cannot hold out for the prospect of endless government bailouts.” said Obama.

The auto parts suppliers and IT software exporters in India have already been affected by the declining auto sales. GM and Chrysler software contracts provide US$300 to 350 million a year to vendors in India. As well these two major automakers usually award US$1 billion contracts to auto parts suppliers. “We are worried and closely watching the developments in the US to gauge the impact. The decline in auto sales in the US has already hit the order books of Indian suppliers,” said a Delhi auto parts supplier.

“Going forward, the industry will undoubtedly be smaller, but if our efforts are successful it will be viable and it will support good jobs for Canadians,” said Clements.

Betty Sutton, Ohio’s Congresswoman put forward the CARS act which provides a US$3,000 to 5,000 incentive for those who trade in their vehicle for a fuel-efficient car. “It clearly stimulates the economy, and it gets the consumer into the showroom and gets them buying again. But importantly — and this is what I particularly like about it — it really helps the environment quite a bit in two respects.” said William Clay Ford Jr., executive chairman of Ford Motor Co.

Ford Motor Company has not come forward with requests for assistance.

Since December GM and Chrysler have received US$17.4 billion government loans.

Saturday, April 2, 2005

Despite controversy ignited by the White House nomination of Paul Wolfowitz to head the World Bank (WB), the 24-member board of directors voted unanimously on Thursday to accept his confirmation. A whirlwind tour by Wolfowitz, who traveled to many capital cities of the bank’s major shareholders and met with voting board members, quieted misgivings over his succession to the incumbent president John Wolfensohn.

Widespread criticism of the Wolfowitz role in the US build-up to war in Iraq heightened levels of security concerns within the bank as they anticipate his arrival. The WB, from the executive level down to memos circulated among departments, express concern for it becoming the target of terrorist attack. The level of seriousness being taken by WB led it to set up cost estimates for improving security.

Wolfowitz will assume leadership in June this year. Despite a belief by some that he acts unilaterally and lacks development experience, a European Commission spokeswoman, speaking for Commissioner Olli Rehn, told a news conference that[Rehn] “was satisfied with everything he heard from Mr Wolfowitz concerning free trade and also on poverty reduction and development policy.”

The Associated Press quotes the Belgian Development Aid minister saying, “There are no objections of EU countries.”

The public display of support belies dissention underneath. Reuters reportedly received a confidential email that provided details of a comment line on an internal website for the WB staff who use it from their far flung locations. The feelings about the Wolfowitz nomination received 1,300 responses, mostly about the bank’s reputation and effectiveness under the new leadership.

Wednesday, April 18, 2007

Natural Balance Pet Foods has recalled some of its wet and dry food for cats and dogs after several owners said that their pets were becoming sick. The company urges owners to stop feeding their pets the food immediately.

The brands recalled include Venison & Brown Rice Dry Dog Food and Venison & Green Pea Dry Cat Food.

Last month, Menu Foods recalled all of its 60 million products of dry and wet dog and cat food after pets began to fall ill and in some cases died of kidney failure.

“Natural Balance, Pacoima, CA, is issuing a voluntary nationwide recall for all of its Venison dog products and the dry Venison cat food only, regardless of date codes. The recalled products include Venison and Brown Rice canned and bagged dog foods, Venison and Brown Rice dog treats, and Venison and Green Pea dry cat food. Recent laboratory results show that the products contain melamine. We believe the source of the melamine is a rice protein concentrate. Natural Balance has confirmed this morning that some production batches of these products may contain melamine,” said a press released issued by Natural Balance.

The FDA states that the “investigation remains open and active, and the agency continues to follow leads to get closer to the root cause of the problem and to ensure that all contaminated product is removed from the market.”

“The source of the melamine appears to be a rice protein concentrate, which was recently added to the dry venison formulas. Natural Balance does not use wheat gluten, which was associated with the previous melamine contamination,” said the press release.

Bags, cans and zip lock bags of the food are expected to be the most affected.

“The products are packaged in bags, cans and zip lock treat bags and sold in pet specialty stores and PetCo nationally. No other Natural Balance products are involved in this voluntary recall as none of our other formulas include the rice protein concentrate,” added the press release.

The company states that the food, Venison & Brown Rice Dry Dog Food and Venison & Green Pea Dry Cat Food, are the only brands affected by the recall.

Wednesday, July 14, 2010

In her first election promise, Australian Prime Minister Julia Gillard specifically offered parents tax breaks of up to A$800 to cover the school uniforms of their children.

Gillard aims to pledge $220 million over four years to expand the current tax breaks to cover refunds each worth $390 for primary school uniforms and $779 for high school uniforms, as well as refunds for other school equipment like texts books and computers. “We all know that uniforms can be an expensive part of sending kids to school, but this change, along with the existing refund for textbooks and computers, will help families with that cost,” stated Gillard.

This comes amongst heavy speculation that a federal election is to be called in the coming days. Education Minister Simon Crean stated that the new proposal is an “important recognition of the cost of school uniforms and it builds on something that we have established in Government but intend extending if we’re [re-]elected …”

As it stands, 1.7 million Australian children are assisted by the current tax breaks; this proposal could extend coverage to an additional million children. The tax breaks will not be available until after the lodging of the 2012–13 tax returns.

Friday, January 9, 2009

Global chemical manufacturer LyondellBasell — the third-largest private chemical company in the world — has collapsed. The firm filed for Chapter 11 bankruptcy protection in the United States, as well as the Dutch equivalent. They had failed to meet a January 4 deadline on postponed debt payments, and talks with creditors failed.

Headquartered in The Netherlands, LyondellBasell is owned by private equity tycoon Len Blavatnik, who had already refused the company a loan to help deal with debt resulting from a $12.7 billion merger between Basell International Holdings and Lyondell Chemical to create LyondellBasell Industries.

The company had already appointed Kevin McShea from Alix Partners to restructure the firm. McShea was assigned speculatively prior to the bankruptcy filing. Access Industries, Blavatnik’s company, refused to extend credit as part of a loan deal brokered in March, a decision Lyondell Chemicals Company, a subsidiary of LyondellBasell, stated they were unhappy with.

LyondellBasell had postponed $280 million worth of interest payments, which Standard & Poor said placed it in “selective default” with a “rapidly weakening liquidity position”. S&P also said that LyondellBasell have debts of $26 billion in a report on the company prior to the firm’s collapse.

LyondellBasell responded with a press release, issuing the following statement: “Standard & Poor’s definition of ‘selected default’ related to our corporate credit rating should not be misinterpreted to suggest that LyondellBasell is currently in default of its bank agreements. As they stated in their press release, ‘This is a default in our opinion according to our definitions and criteria.’ LyondellBasell is not currently in default according to its agreements with its lenders.”

The company met with high oil prices shortly after the expensive merger. This was followed by a general tail-off in demand caused by the ongoing financial crisis. Investors were continuing to bet before the collapse that the firm would restructure under bankruptcy protection, leaving lenders with big losses, potentially over 90% of their investments. The cost of credit protection for LyondellBasell bonds had soared. The creditors include Merrill Lynch, Goldman Sachs, Citigroup, ABN Amro and UBS.

On Thursday, an interim allowance was made by a judge for LyondellBasell to seek up to $2.167 billion of loans. There is also an emergency loan paid out of $100 million. As well as LyondellBasell, 79 affiliates have become insolvent. Citigroup has said the collapse will set them back $1.4 billion in unpaid debts.

Monday, November 24, 2008

Although Israel briefly lifted its blockade of crossings in the Gaza Strip today, United Nations (UN) officials warn that a further blockade could lead to dire consequences for some 750,000 Gazans who rely on UN food aid. Israel blockaded the Gaza Strip in early November, preventing access for UN aid workers and journalists.

The border crossing was opened to allow some food aid and medical supplies through, however, United Nations Relief and Works Agency (UNRWA) spokesman Christopher Gunness warned that “it is just not enough.”

The UNRWA also warns that Gaza faces “a humanitarian catastrophe.” Karen Abu Zayd, commissioner general of UNRWA, said the death toll since the beginning of the Israeli blockade is the gravest since the early days of the Palestinian intifada eight years ago. The Israeli blockade has shut down power for the Gaza Strip, and patients at local hospitals are in grave risk of death because of faulty generators.

“Almost every part of the intensive care unit runs on electricity which comes from Gaza’s main power plant […] that plant is run on fuel from Israel, but no supplies have reached the plant for well over a week now,” said Al Jazeera‘s correspondent in Gaza.

Israel closed the Gaza Strip on November 5 because of rocket fire emanating from the area after the Israeli army units entered and carried out an operation against members of the Hamas combat wing. Currently all foreign journalists are banned from entering Gaza. AP, Reuters, the New York Times, the BBC, CNN and other major news organizations have protested the blockade.

Thursday, October 3, 2013

A review this week by Wikinews of US Consumer Financial Protection Bureau (CFPB) complaints about mortgages in the United States shows Bank of America leads all lending institutions in complaints.

Since mortgages complaints were recorded in December 2011, 77,622 total have been added to CFPB’s database. 29.2% of these complaints involved Bank of America, with the second most received by Wells Fargo, accounting for 15.5% of all complaints. JPMorgan Chase ranked third by volume of complaints with 9.8%. Ocwen was fourth with 8.7% and Citibank was fifth with 4.8%. Nationstar Mortgage; Green Tree Servicing, LLC; HSBC; PNC Bank; U.S. Bancorp; OneWest Bank; SunTrust Bank; Flagstar Bank; and Select Portfolio Servicing, Inc. each had between 1.0 and 3.8% of total complaints. The remaining 14.4% of all complaints about consumer mortgages were divided between about 530 other lending institutions.

The Motley Fool reported last month that for the past fiscal quarter, the biggest US based mortgage lenders were from first to fifth Wells Fargo, JPMorgan Chase, Bank of America, Quicken Loans and U.S. Bancorp.

According to the US Federal Reserve, debt for family residences stands at US$10.706 trillion for the second quarter of 2013. As of the end of June of this year, Bank of America is the United States’s second largest commercial bank with US$1.343 trillion in domestic assets. Wells Fargo is the fourth largest commercial bank with US$1.251 trillion in domestic assets. JPMorgan Chase is the largest US commercial bank with US$1.329 trillion in domestic assets and US$1.947 trillion in total assets.

The mortgage complaints in the CFPB report include several subproducts. Conventional fixed mortgages account for 27.1% of all complaints. Conventional adjustable mortgages account for 10.0%. FHA mortgages account for 7.7% of all complaints. Home equity loans or lines of credit account for 3.8% of all complaints. VA mortgages are 1.4% of all complaints. Second mortgages and reverse mortgages each account for 0.6% of complaints. The remaining 48.7% of complaints are about other mortgages or other mortgage issues. A few years ago, FHA loans accounted for about 10% of all US mortgages while VA loans accounted for about 3%. Prime loans accounted for over 75% of the market and the rest were subprime mortgages.

California leads all states by volume of complaints with 14768. It is followed by Florida, New York, Georgia and Texas. When complaints are divided by a state’s total population, New Hampshire leads. The state is followed by Washington D.C., Maryland, Georgia and Florida. Complaints do not correlate with national rankings for August’s foreclosure rate by state where Nevada topped the list, followed by Florida, Ohio, Maryland and Delaware.

Two zip codes account for over 1,000 total complaints between them. 565 complaints originated in the 48382 zip code, which is in Commerce Township, Michigan, located in suburban Detroit. 553 complaints originated in the 33071 zip code, in Coral Springs, Florida. According to real estate website Zillow, there are currently 1,033 properties in foreclosure in Coral Springs while Commerce Township only has 131 properties currently in foreclosure. Four other zip codes have 100 plus complaints originating from them. 91730, in Rancho Cucamonga, California, had 158 complaints. 33409, in West Palm Beach, Florida, had 132. 92626, in Costa Mesa, California, had 125 complaints. 92660, in Newport Beach, California, had 122 complaints. Respectively, the towns had 534, 1,068, 153, and 134 properties currently in foreclosure. These numbers are higher than for the cities of a few sampled zip codes where there was only one complaint, such as Gold Hill, Oregon which has 4 properties in foreclosure, and Decatur, Illinois which has 6 properties in foreclosure.

The CFPB categorizes complaints into six categories: “Loan modification, collection,foreclosure” or problems when a person is unable to pay; “Loan servicing, payments, escrow account” or problems with making a payment; “Application, originator, mortgage broker”; “Credit decision / Underwriting”; “Settlement process and costs”, and “Other”. The CFPB says the complaint types indicate consumers “appear to be driven by a desire to seek agreement with their companies on foreclosure alternatives. The complaints indicate that consumer confusion persists around the process and requirements for obtaining loan modifications and refinancing, especially regarding document submission timeframes, payment trial periods, allocation of payments, treatment of income in eligibility calculations, and credit bureau reporting during the evaluation period.” Currently, 59.6% of all complaints against lenders deal with being unable to pay. 25.1% deal with problems in making a payment. 7.0% have to do with the application process.

Of the complaint-heavy zip codes, for 48382 in Commerce Township, Michigan, 98.9% of all complaints have to deal with being unable to pay. Accounting for 23.4% of all mortgage complaints in Commerce Township, 132 of the complaints for being unable to pay were made regarding Bank of America, accounting for 97.8% or all but 3 complaints against them from the zip. 121 of the Bank of America responses in Commerce Township were closed with explanation and 12 were closed with non-monetary relief. 33071 in Coral Springs is different, with 537 of the 553 complaints being categorized under other. Only 11 complaints relate to foreclosure and issues with being able to pay. 92626 in Costa Mesa, where 32% of the mortgage complaints were about Bank of America and 26.4% were about Wells Fargo, had 93.6% of its complaints dealing with being unable to pay. 5 total complaints dealt with payment issues and 3 dealt with applications.

Beyond regional variance in complaint types lodged, the top five mortgage lenders by volume of complaints all had being unable to pay as their top complaint category, ranging between 55.8% for Citibank and 69.4% for Bank of America. Problems with payment accounted for the second largest area of complaints, with Ocwen having the largest percentage of complaints at 31.9% and Bank of America having the smallest at 18.8%. Foreclosure was the top area of complaints for a number of other lending institutions including 1st Alliance Lending, OneWest Bank, Ally Bank, Banco Popular de Puerto Rico, Bank of the West, BMO Harris, BOK Financial Corp, Caliber Home Loans, Inc, Capital One, Deutsche Bank and EverBank.

Nationally, complaints reached a high of 5,840 for January 2013, 1,107 more than the next highest month of April 2013. The total emerging for September is the second lowest since records were first kept in December 2011. On a state by state level, this pattern largely repeats with a major exception for Florida which saw a peak of 849 complaints in June 2012. Then, as now, Florida was one of the top five states in the nation in its foreclosure rate. The national January spike came as the Qualified Mortgage standard required by the The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 came into play. It required mortgage lenders to take steps to insure borrowers could repay their mortgages.

Bank of America’s complaint volume follows the national trend, with a spike in January 2013 with 1,925 total complaints. Unlike nationally, the next month by volume of complaints was February of this year with 1,598 complaints. Prior to that, the highest month was May 2012 with 1,418 complaints. The lowest volume of complaints is September this year with 334.

Wells Fargo matched national trends for volume of complaints by month, with the exception of the current month being the lowest on record for number of complaints with 197 compared to the next lowest month, December 2011, when they had 221. JPMorgan’s complaint volume by month spiked in January and March of this year with 504 complaints. April of this year was the next highest month with 493 complaints, edging out May of last year with 488 complaints. September this year is on track to be the lowest month by complaint volume.

The federal government shutdown is unlikely to impact the current mortgage situation in the United States directly for most consumers, though mortgage processing by the Federal Housing Administration could be slower, resulting in fewer mortgages processed.